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Finance - Internet Daily for Wednesday, July 08, 1998
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by Frank Barnako, CBS Marketwatch
Travelocity offers credit card insurance
Travelocity, an online travel site, has introduced Shop Safe Guarantee,
an insurance policy against unauthorized credit card usage. "Customer
confidence
and trust are our top priorities," said Terry Jones, chief information
officer of The
Sabre Group (TSG), Travelocity's parent. "With more than one million
transactions made through The SABRE Group's consumer Internet products,
there has not been a reported case of credit card theft." Most banks waive
liability for unauthorized charges on credit cards, or limit liability
to $50. With Shop Safe Guarantee, The Sabre Group will reimburse the customer's
liability fee, up to $50, provided the transaction was made on Travelocity
using the site's secure server. According to industry analysts, the number
one reason consumers do not purchase products over the Internet is security.
Yahoo! beats Street, sets stock
split
If investors were hoping for a surprise from Yahoo! when it reported
second-quarter earnings Wednesday, the Internet pioneer certainly didn't
disappoint. In addition to reporting a better-than-expected 15 cents a
share for the quarter and a 2-for-1 stock split, Yahoo!
(YHOO) also announced it was selling $250 million worth of stock to one
of its major institutional investors. Separately, the company announced
that Japanese-based Softbank is buying 1.363 million shares of Yahoo! for
$250 million, or about $183.62 per share. See
full story. As a result, Softbank -- which has investments in numerous
technology-related stocks including First
Virtual Holding (FVHI) and Ziff-Davis
(ZD) -- ups its stake in Yahoo to 31 percent. Leading a post-close surge
in Internet stocks, shares of Yahoo! shot up 14 to 200 in after-hours trading.
Earlier, the stock closed off 4 13/16 to 186 3/16, still about 9 times
above the 52-week low of 22 9/16. See
related story.
Manheim site sales hit $150 million
Manheim Online (www.manheim.com) said
it has sold $150 million worth of vehicles via the Internet. In 16 weeks
Manheim said its site for wholesaling automobiles to dealers has already
surpassed last year's $60 million mark. Manheim said 5,000 vehicle dealers
now subscribe to its service, a number it projects will reach 15,000 by
year end. Anthony Ascione, pre-owned sales manager for BMW of North America,
said "We see this as a valuable tool that complements our existing structure
in getting vehicles into the marketplace more quickly so our retailers
can sell them and make money."
InfoBeat wins retail fund backing
E-mail publisher InfoBeat Inc. Wednesday announced Global Retail Partners
L.P., a growth fund dedicated to the retail industry, has invested $3 million
in the company. GRP's portfolio of retail and Internet companies includes
CitySearch, software.net, and CyberSource. InfoBeat chairman John Funk
said the investment "allows us to extend beyond the publishing sector,
to develop e-mail marketing programs." Funk told CBS.MarketWatch.com,
"Long term winners in business preserve their customer relationships. They
have to have an outbound marketing effort, whether for confirming the status
of orders, announcing new products, or alerting you that a book you bought
has been shipped." The InfoBeat chairman predicted that by the end of this
year, at least half his firm's revenues will come from its service bureau
functions including outbound marketing and e-mail distribution services
on behalf of content publishers and distributors.
SeniorNet plans site expansion
SeniorNet, an organization dedicated to teaching computer skills to older
adults, is re-launching its Web site (www.seniornet.org).
"We've taken feedback from our 24,000 members to develop an enhanced site
that will give members more opportunities to socialize, learn, and share
their wisdom on important issues facing our world today," said Ann Wrixon,
Executive Director of SeniorNet. Based in San Francisco, SeniorNet began
as a small research project in 1986 and has grown into an international
nonprofit organization that has taught an estimated 100,000 people to use
computers and the Internet.
Biker event to Net pay-per-view
Northwest VideoNet Inc. and Sturgis Rally and Race will use multimedia
streaming technology to provide live coverage of racing, events and interviews
at Sturgis, an annual motorcycle event in Sturgis, South Dakota. Biker
fans who can't be at the Aug. 3-9 rally and races can see it on line at
www.sturgislive.com. For $19.95,
fans will have access to a chat room, photos, event history, and an online
store. The celebrations taking place August 3rd through the 9th, 1998.
Sprint CEO Internet World speech set for webcast
Sprint
(FON) Chairman and CEO William T. Esrey will explain plans for his company's
new Integrated On-Demand Network during a keynote address from Summer Internet
World in Chicago next week. The speech can be accessed at www.sprint.com.
Sprint ION is set to begin serving large businesses with simultaneous voice,
video and data services over a single existing connection, in the fourth
quarter of 1998.
Apple boosts modem speed on new PC
Due to popular demand, Apple
Computer (AAPL) said Wednesday its new iMac consumer computer will
ship with a 56K modem. Originally, it was to be outfitted with a 33.6K
modem. The company also said the iMac will be available in stores Aug.
15, as scheduled
Oops:
There was a typo in our story Tuesday about online retailer Reel.com. The
sentence should have read "She (CEO Julie Wainwright) said the Reel.com
Web site could be used to reserve a video at a neighborhood store, or even
to order a movie for home delivery."
Apple gets Net boost from Disney, BellSouth
The
Walt Disney Co. (DIS) launched beta testing of its Disney Blast Online
web site for Apple
Computer's (AAPL) Macintosh. The announcement came at the start of
Apple's Macworld Expo trade show in New York Wednesday. Previously the
site had been available only on computers using Microsoft's Windows operating
system. Disney didn't say how long the beta testing will continue. Disney
charges $6 a month for the kid-friendly service. During the beta testing,
Apple Computer users will be able to try out the service at no cost. The
service is expected to help boost sales of Apple's new iMac computer, the
company's first attempt at a low cost computer in several years. "Disney
Blast will be a great place for Mac users to visit, especially from their
new iMac," said Steve Jobs, Apple's interim CEO, in a statement.
BellSouth
(BLS) said it will work to make sure Macintosh owners will be able to use
its high speed FastAccess ADSL (asymmetrical digital subscriber line) Internet
service this fall. The service is scheduled to be available in the first
of 30 Southeastern markets in late August.
Portions of the Macworld Expo will be webcast at macworld.zdnet.com/expo.
News and special events from the show at New York's Jacob Javits Convention
Center will be covered. Interviews will feature industry leaders and a
Macworld or MacWEEK editor, and will be hosted by Rik Myslewski, contributing
editor of Macworld.
Audio Book Club Net marketing costs fall
The cost of attracting a new customer using the Internet is 50 percent
higher than by direct mail methods, according to John Levy, chief financial
officer of the Audio
Book Club (KLB). However, the marketing effort is paying off
as the company announced recently it's adding 4,500 members a month through
the Web. A typical member spends about $240 a year, $100 of which
is profit, Levy told The Wall Street Journal. Levy said marketing
costs on the Net are about $65 a member, but used to be more than $1,000.
"Clearly the Internet is a critical part of our future growth strategy,"
Levy added.
Teens tap in online
Nearly two thirds of teens, ages 12-19, used or subscribed to an online
service during the last year, according to a survey by Simmons Market Research.
The results show a 50 percent increase in the number of young people online
in the past year. The research included 2,373 teenagers, Interactive PR
Marketing newsletter reported. When it came to learning about which Web
sites to visit, the report said a quarter of the teens credited word of
mouth for pointing, TV commercials accounted for 19 percent, and online
browsing aided 17 percent.
National Press Club honors Web site
WCCO-TV and Radio announced Wednesday their joint Web site, Channel 4000
(www.wcco.com) has won the National Press
Club's Online Journalism Award for the best News site. The judges cited
Channel 4000 for its use of the Internet in reporting breaking news during
the 1997 spring floods that washed away parts of North Dakota and Minnesota.
"Over a two month period, this online partner of WCCO-TV and WCCO Radio
employed the range of media that only the Internet allows, from text and
still photographs to video and hypertext links to create sound journalism
with new technology," said Alan M. Schlein, Chairman, NPC Awards Committee.
The National Press Club's Web site address is npc.press.org.
Trading probe delays Datek IPO
E-broker Datek Online has postponed an initial public offering because
of investigations into its trading practices, according to The New York
Times. Manhattan District Attorney Robert Morgenthau reportedly has concerns
Datek may be involved in money laundering. And the Securities and Exchange
Commission is probing reports of off-shore transactions which may have
led to investors being guaranteed returns, the Times said. In a statement
Tuesday, Datek , denied participating in illegal activity.
The Internet Daily (TM) is originally published and edited by CBS Marketwatch
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